Countrywide is indicated higher today and is up about 20% in premarket trading. Despite its crappy results which had losses of $2.12 per share versus analyst estimates of a $1.28 loss, investors are buying. Obviously, there’s a bit of short covering going on but if you follow the media spin, the real reason for the CFC optimism is the belief that they threw in all the subprime kitchen sinks from every house they lent to. Come on people! After all the prior comments from Mozilo and Sambol when they were writing the loans they are now writing down, you believe these guys? - Come on people! Aren’t you forgetting how CFC problems were over when they got bailed out by government intervention? Aren’t you forgetting how CFC problems were solved when Bank of America invested $2 billion? Aren’t you forgetting how CFC problems were solved when they got new bank financing? Oh hell - why bother. So now that CFC management says they are going to return to profitability in the 4th quarter, investors believe it. Seems to me we’ve heard that one before. Just ask Citi investors.